Gasoline Prices Fall for Two Consecutive Weeks... Impact of Novel Coronavirus

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] Gasoline prices at gas stations nationwide fell for the second consecutive week.

According to Opinet, the oil price information service of the Korea National Oil Corporation, the nationwide gasoline retail price in the first week of February recorded 1,563.3 KRW per liter, down 6.7 KRW from the previous week. Diesel prices also dropped by 7.4 KRW to 1,391.2 KRW per liter.

By region, Jeju recorded the highest price at 1,642.7 KRW per liter, down 0.2 KRW from the previous week. This is 79.4 KRW higher than the national average price. The cheapest region was Busan, with a price of 1,537.4 KRW per liter.

By brand, SK Energy gasoline was the highest at 1,574.9 KRW per liter, while budget gas stations' gasoline was 1,541.4 KRW per liter. For diesel, SK Energy was also the highest at 1,403.1 KRW per liter, and budget gas stations recorded 1,371.8 KRW per liter.

The Korea National Oil Corporation stated, "The outlook for a decline in China's economic growth rate due to the novel coronavirus infection and the increase in U.S. crude oil inventories have had an impact."

This content was produced with the assistance of AI translation services.